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The Times of India
The Times of India
Business
PTI

RBI imposes penalties on Federal Bank, Bank of India

RBI Federal Bank Bank of India Reserve Bank of India Mumbai

MUMBAI: Reserve Bank of India (RBI) on Friday said it has imposed a penalty of Rs 5.72 crore on Federal Bank for deficiencies in regulatory compliance.

A penalty of Rs 70 lakh has also been imposed on Bank of India for non-compliance with certain provisions of Know Your Customer (KYC) norms and instructions on 'compliance function in banks' issued by RBI, it said in a statement.

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